Premia Foods. April 2010

Transcription

1 Premia Foods Leads to the Hearts April Strategic Goal To become the leading company in deep frozen, ice cream and chilled food processing and sales in the Baltic, Scandinavian and North West Russian area. 2 1

2 Competitive advantages Strong brands Professional management and team Diversification of risks between various countries and product groups Modern production units High quality products Transparency of operations 3 The Group in Brief Nordic/Baltic branded foods company with a sales of 68,7 M EUR in year 2009 EBITDA in FY 2009: 6,2 M EUR Aggressive growth strategy via expansion on current markets as well as acquiring new ones. The company s primary market for fish and fish products is Finland and the main markets for frozen food products and ice cream are the Baltic countries and St Petersburg area in Russia. PremiaFoodsturnoverismadeupof ice cream products, 33% other frozen foods and 43% chilled and frozen fish products Ice cream Sales by countries 2009, million Fish and fish products 44% 11 Frozen food 33% Sales breakdown by business lines in

3 History Premia KPC started ice cream production in Lithuania Vettel fish processor in Estonia by Amber Trust KPC Estonian and Lithuanian ice cream production Establishment of Saaremere Kala GourmetHouse, wholesaler of fish products in Estonia Merger of two Amber controlled food sector companies under Premia Foods Premia TKH started ice cream production in Estonia Heimon Kala, 2nd largest fish processor in Finland Saaristomeren Kala Oy in Finland, vertically integrating whole fish food production chain FFL, largest frozen food distributor in Latvia Khladokombinat no 1 trademarks in St Petersburg 5 Group Structure PREMIA FOODS AS 100% 100% Group holding company Saaremere Kala AS AB Premia KPC Fish group Frozen food / Icecream 100% 100% 75,7% 100% Heimon Kala Oy Vettel OÜ Gourmethouse OÜ AS Premia TKH 100% Fish farming, production, sales Fish production Sales of fish products 100% Ice cream production and sales, frozen foods 100% Överumans Fisk AB 38,15% SIA F.F.L.S. 56,85% OÜ TCS Invest Skärgårdshavets Fisk AB AS Premia FFL Fish farms & sales Ice cream and frozen food 6 3

4 Product portfolio Ice cream Frozen foods Fish and fish products Represented brands: 7 Ice cream 8 4

5 Leading position in ice cream markets Premia is market leader in Baltic States Success based on strong local and pan Baltic brands. Khladokombinat Nº1 has become No 2 now, moved from fourth position to second in St Petersburg region during Approximately 25% of the Group s ice cream revenue is earned in Estonia, 21% in Lithuania, 12% in Latvia and the remaining 42% in Russia and Finland. 7% Private Label 9% Ingman Private Label 9% Balbiino 21% 20% Valmieras Piens 9% Ingman 10% ESTONIA LATVIA Premia 11% TKH Private Label 40% 9% Klaipedos Pienas 13% Premia FFL 17% RPK 35% Pieno Zvaigzdes 11% 27% Aisberry 6% Nestle 7% Talosto 18% LITHUANIA Ingman 19% St. Petersburg Premia KPC 19% Vikeda 18% Khladokombinat No1 20% Petroholod 22% Source: AC Nielsen June July 2009 value share, management estimation 9 Frozen Foods 10 5

6 Characteristics of frozen foods market The market is characterised by high entry barriers, as the sunk costs into the equipment and facilities are high. Main brandowners from Europe looking for one company in the Baltics to be their distribution partner. Well segmented market, very active product developing with local specialities Diversified portfolio for Premia s own brands enables high visibility and awareness in shelves in shops. Vegetables, 21% Vegetables; 17% Estonian Frozen Food Portfolio Meat, 38% Vegetables, 25% Semi-ready & ready d Oh Other, 14% meals, 28% Latvian Frozen Food Portfolio Meat, 20% Semi-ready products, 21% Other, 34% Lithuanian Frozen Food Portfolio Meat; 22% Semi-ready products; 21% Other; 39% Source: Premia Foods sales data 11 Fish Products 12 6

7 Strong No 2 in Finnish chilled fish market Size of chilled packaged fish retail market in Finland is approximately 75 M EUR, Premia s Finnish Retail Market share is 25% 40% of fish needed for our sales in Finnish market comes from Premia Foods own fish farms. 80% of retail sales and 60 % of Horeca sales is dominated by 2 main chains Inex and Kesko 80% of sales in retail consists of packaged consumer products. Hukkanen 5% Inex private label 10% Hätälä 5% Pirkka private label 15% 10% Heimon Gourmet 25% Lännen Tehtaat 30% Source: AC Nielsen, management estimation 13 Financial Overview 14 7

8 Financial summary Financial overview EUR million pro forma pro forma actual Sales Gross Profit margin (%) 25.7% 24.3% 25.9% EBITDA margin (%) 11.8% 6.2% 9.0% Net earnings margin (%) 4.4% 1.9% 1.0% 'm 90 14% 11,8% 80 77,3 12% 68, ,6 10% 60 9,0% 50 8% 6,2% 40 6% 30 4% 18,8 16,4 17, % 10 7,5 4,8 62 6,2 0 0% As the holding company Premia Foods was formed in December 2008, the consolidated figures of 2007 and 2008 are presented on pro forma basis Sales EBITDA Gross profit EBITDA margin 15 Sales breakdown by segments and markets Segments Markets 63.6m 24% 77.3m 68.7m 63.6m 77.3m 32% 68.7m 36% 30% 39% 33% 40% 14% 6% 11% 13% 17% 46% 38% 43% 37% 33% 33% Fish Frozen food Ice-cream Other Estonia Latvia Lithuania Finland Other 16 8

9 Miks Premia läheb börsile? Laienemiseks i kapitali vaja Laenurahast enam ei piisa Oleme avatud ettevõte Firmal tegelik väärtus Toiduäris on brändide tuntus tähtis Meil hea tulla, sest pole strateegilist investorit 17 9